First Solar slides a day ahead of earnings

Solar-power developer expected to report weaker first-quarter results

SAN FRANCISCO (MarketWatch) — Shares of First Solar Inc. retreated Monday, a day ahead of the company’s first-quarter earnings report that Wall Street expects to be weaker than last year’s quarter.

First Solar
FSLR, -1.51%
shares fell 0.4%. Analysts polled by FactSet expect the solar-power developer and solar-panel maker to report adjusted earnings of 52 cents a share on net income of $50 million, compared with 69 cents a share on a net income of $59 million in the year-ago period.

Sales were seen at $837 million, compared with $755 million the first quarter of 2013.

Analysts at Deutsche Bank said last week they expected “mixed results” for First Solar, as sales announcements have been light in the first quarter. Activity in the U.S. utility-scale segment has picked up, however, with First Solar “gaining traction” in that business, they said.

Bloomberg

First Solar's solar panels in Mojave Desert, Calif.

The losses for First Solar came as other solar stocks were mixed and U.S. stocks fell on concerns about Ukraine and weak Chinese data.

SolarCity said Monday it was teaming up with Carrier, the heating, air-conditioning, and refrigeration provider, to make high-efficiency, solar-powered heating and cooling equipment that would be more affordable for homeowners. The companies are also offering a rebate on Carrier equipment.

Earlier Monday, Plug Power tripped a Nasdaq short-sale circuit breaker that imposes restrictions on prices at which securities may be sold short.

About 30% of the fuel-cell supplier’s shares are sold short, according to FactSet.

Plug Power has risen to prominence after announcing two relatively small deals with FedEx Corp.
FDX, +0.28%
and six Wal-Mart Stores Inc.
WMT, +0.30%
distribution centers. The announcement of its latest deal, however, with a Hyundai Motor Co. Ltd.
005380, +4.61%
supplier, has failed to excite investors.

The company said last week it raised $116 million in a recent stock sale. Plug Power is expected to report first-quarter results May 14. Analysts polled by FactSet forecast an adjusted loss of 5 cents a share.

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